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Latest Article

Ailing Dubai World forced to sell assets in quest for cash
10-12-2009
Adam Schreck, AP Business Writer

DUBAI, United Arab Emirates — Dubai World, the indebted conglomerate at the heart of this sheikdom's credit problems, may sell off domestic and overseas assets acquired during a multiyear buying spree as it struggles to raise cash, according to a senior government official. Dubai Finance Department Director-General Abdul Rahman al-Saleh did not say which pieces of the company are for sale. However, he emphasized that the assets in question would be Dubai World's alone — underscoring the government's position that it is not responsible for debts racked up by a company it created and backed during the city-state's boom years. "Like any company that has commitments, part of getting liquidity is selling some assets. Of course local or foreign assets," he said in an interview aired by a...

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